New Straits Times
IMotorbike plans Vietnam foray
KUALA LUMPUR: Following its successful penetration of the Indonesian market, Malaysia’s motorcycle e-commerce platform, iMotorbike, is planning to roll into Vietnam soon.
Founder and chief executive officer Gil Carmo said Vietnam was an obvious choice as the people were digital-savvy.
“They are also probably the region’s third-largest motorcycle market, with between 50 million and 60 million registered bikes.
“The team is getting ready. All the fundamentals are pretty much done. We don’t have an exact date (to enter the market) but we will go live pretty soon.”
The iMotorbike platform serves motorcycle manufacturers, dealers, service providers and consumers by providing services such as market research, financing and insurance.
Users can also buy and sell used motorcycle parts and accessories.
“Our vision is always growing. The more we can support, the more we can serve,” said Carmo.
He said the company aimed to not only support buyers and sellers, but also dealers, brands, manufacturers as well as producers of parts and related products such as lubricants.
“We want to support regional players and mechanics in upgrading their businesses and we are currently working with more than 2,800 dealers.
On the rising popularity of motorcycles in Southeast Asia, he said it was a natural progression due to the increasing traffic volume.
“The middle class is growing. As such, there is a bit of an issue with the expanding population in big cities, so riding the motorcycle to work is just much more efficient.”
Carmo said 65 per cent of the population in Asia Pacific owned motorcycles, adding that the number of owners in Malaysia had increased by 8.89 per cent in just three years.
To support its services, iMotorbike has partnered with established brands, including Berjaya Sompo, Direct Lending and Zurich.